Spending Rose Slightly in October, Shows Survey
As the U.S. economy continues to slowly improve, Americans are starting to become more confident in their spending. According to the Gallup organization, average daily spending by Americans during the back-to-school month of August rose to $95 this year – the highest average its survey has measured in the five years since the recession began in 2008. That splurge was followed by a plunge to only $84 pre day in September, but Gallup’s survey has now seen another slight uptick in October.
Average daily spending by Americans in October rose to $88 according to Gallup, which surveyed around 15,000 American adults. That $88 is the same as the average for 2013, up $16 from 2012’s $72 average.
American spending has been slowly trending upward for the past two years. Gallup stated that the threat of a government shutdown may have caused Americans to become more thrifty during September. The end of the shutdown could also have been a factor in the small rise seen in October.
Spending was up in October across a large cross-section of U.S. society. The few exceptions were women, who spent an average of $1 less per day in October and Americans over the age of 65, whose average daily spending dropped $8 month-over-month. The eastern portion of the U.S. on average also saw a small decrease in average daily spending.
Americans with household incomes of over $90,000 increased spending even more than others, spending an average of $10 per day in October than in September. Americans between the ages of 50 and 64 also increased their average spending significantly, up $9 in October to $90 per day.